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yKpoI14uk [10]
3 years ago
6

Jon has $5,000 to invest in a savings account that has interest compounded annually. If he wants his money to double in eight ye

ars, what percent must the interest rate be on the account?
A.4 years
B.5 years
C.6 years
D.7 years
Mathematics
2 answers:
tatuchka [14]3 years ago
6 0
You need this formula
<span>log(1 + rate) = {log(total) -log(Principal)} ÷ Years
we want the money to double so we'll say principal = 100 and total = 200 and we know the years = 8
</span>
<span>{log(200) -log(100)} ÷ 8
( 2.3010299957 - 2 ) </span><span>÷ 8
</span>
<span>.3010299957 / 8
=</span><span><span><span>0.0376287495 </span> </span> </span>
Now we raise 10 to the power of that number
10^ <span> <span> <span> 0.0376287495 </span> </span> </span> = <span> <span> <span> 1.0905077328 </span> </span> </span>
We subtract 1 = <span>.0905077328
multiplying by 100 makes it
</span>
<span> <span> <span> 9.05077328%
That's the RATE but the answers are given in years </span></span></span><span />






ZanzabumX [31]3 years ago
3 0
A 4 years because it is half the number he wants it to double in
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